Restructuring Charges

12 Months Ended

Dec. 31, 2024

Restructuring and Related Activities [Abstract]

We incurred restructuring charges (which generally consist of employee severance and termination costs, and contract terminations). These charges were incurred as a result of eliminating, consolidating, standardizing and/or automating our business functions.

We recorded total restructuring charges of $16.9 million for the year ended December 31, 2024, consisting of:

•Severance costs of $15.7 million under ongoing benefit arrangements. Approximately 375 employees were impacted. Most of the employees impacted exited the Company by the end of 2024. The cash payments for these employees will be substantially completed by the end of the first quarter of 2025; and

•Contract termination and other exit costs, including write down of right of use assets and costs to consolidate or close facilities of $1.2 million.

We recorded total restructuring charges of $13.2 million for the year ended December 31, 2023, consisting of:

•Severance costs of $10.0 million under ongoing benefit arrangements. Approximately 190 employees were impacted. Most of the employees impacted exited the Company by the end of 2023. The cash payments for these employees were substantially completed by the end of the first quarter of 2024; and

•Contract termination and other exit costs, including those to consolidate or close facilities of $3.2 million.

We recorded total restructuring charges of $20.5 million for the year ended December 31, 2022, consisting of:

•Severance costs of $14.0 million under ongoing benefit arrangements. Approximately 270 employees were impacted. Most of the employees impacted exited the Company by the end of 2022. The cash payments for these employees were substantially completed by the end of the first quarter of 2023; and

•Contract termination and other exit costs, including write down of right of use assets and costs to consolidate or close facilities of $6.5 million.

The following table sets forth the restructuring reserves and utilization:


	Severance and termination		Contract termination and other exit costs		Total
Balance remaining as of December 31, 2021	$	4.7	$	3.3	$	8.0
Charge taken during 2022 (1)	14.0		1.9		15.9
Payments made during 2022	(13.9)		(3.0)		(16.9)
Balance remaining as of December 31, 2022	$	4.8	$	2.2	$	7.0
Charge taken during 2023 (1)	10.0		1.4		11.4
Payments made during 2023	(12.4)		(2.8)		(15.2)
Balance remaining as of December 31, 2023	$	2.4	$	0.8	$	3.2
Charge taken during 2024 (1)	15.7		0.3		16.0
Payments made during 2024	(14.8)		(0.7)		(15.5)
Balance remaining as of December 31, 2024	$	3.3	$	0.4	$	3.7

(1)Balance excludes charges accounted for under Topic 842.